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Investing.com — Alibaba Group Holdings Ltd ADR (NYSE:BABA) said Thursday that it closed its 13th annual 11.11 shopping festival with a record-breaking RMB540.3 billion ($84.54 billion) in gross merchandise volume.
The Chinese tech company’s Vice President, Yang Guang, said, “We delivered steady and quality growth that is a reflection of the dynamic Chinese consumption economy.”
Earlier in the day, the company said on its live blog that around two-thirds of the 290,000 merchants participating in the festival were small and medium-sized businesses, the highest proportion ever.
It was also reported that Apple and beauty retailer L’Oreal hit RMB100 million ($15.6 million) in sales between November 1 and November 11, with 380 other brands also hitting the milestone in the 10 days leading up to the “Singles Day” festival.
Alibaba shares have climbed over 2.7% Thursday, currently priced around the $168.40 mark.
Earlier in the day, it was reported by The Wall Street Journal that Alibaba would look to take Singles Day global, in a move that would challenge Amazon.
